SDX Energy Hikes up Operations in Morocco By $3.25 Mlm

British oil and gas company SDX ENERGY announced, on Thursday, that it will augment funding to $3.25 million to beef up its gas production in the Kingdom.
Initially, $2 million of the said convertible loan agreement with Aleph Finance Ltd has been drawn and will be immediately used to reduce outstanding debt to the European Bank for Reconstruction and Development (“EBRD”), and pay critical service providers to accelerate the Moroccan drilling campaign, as well as other general corporate purposes, said the company in a statement.
The Convertible Loan allows the Company to advance its company towards an energy transition plan as it continues to sell its Egyptian assets in an effort to increase shareholder value.
“Our vision for SDX is to become the leading energy provider in Morocco, delivering combined gas and renewable energy solutions to our existing and growing customer base. SDX is uniquely positioned to leverage its long presence and infrastructure in Morocco to execute this vision. In order to deliver on this vision, the Company will access a wider capital market for the renewable projects, which may be financed on a standalone basis,” said SDX ENERGY Managing Director Daniel Gould.